The branch of the UK oil giant is seeking the acquisition as a component of a net zero emissions plan.
BP Wind Energy recently announced its acquisition of the remaining 50 percent interest in a turbine farm in Indiana, Fowler Ridge 1. The farm is owned in partnership with Dominion Energy.
Once the acquisition is complete, it will raise the company’s wind generation capacity by over 15 percent.
The farm is comprised of 162 turbines. Its generating capacity is 300 megawatts. Acquiring it will bring the BP Wind Energy capacity to 1,076 megawatts. One megawatt is enough power for about 200 Texas homes in the summertime, according to a Houston Chronicle report. The company intends to take full ownership of the farm in Indiana. This will play a role in bringing the company closer to its 2050 goal of achieving net zero emissions.
“We are excited to announce this transaction in the context of BP’s ambition to become a net zero company,” said Al Vickers, the company’s CEO, in a prepared statement. “This reflects our confidence in renewable energy, and the possibility for further growth in this sector.”
Earlier in 2020, the oil giant established an aggressive net zero carbon emissions target for 2050.
The UK company has revealed its intentions for shifting its spending away from traditional fossil fuels such as oil and gas. Instead, it is directing its attention toward lower carbon energy products such as wind. It is planning to employ technology for the reduction of greenhouse gas emissions at its existing operations.
The company’s announcement has arrived at a time in which major power giants around the world are responding to investor concerns over carbon emissions as contributors to climate change. The globe is transitioning away from the use of fossil fuels – particularly those responsible for the highest carbon emissions – in favor of renewables.
Last week, a group of 12 energy giants announced their plans for reducing their carbon emissions rates. Their strategy is meant to decrease CO2 emissions by 36 million to 52 million metric tons per year by 2025. The BP Wind Energy acquisition is an important step for the company in pursuing precisely that type of goal.